Santa Fe, New Mexico Solar Panels
The City Different is known for being a blend of many things. Its culture is a mixture of Anglo, Hispanic, and Native American influences, and it’s architecture is likewise a unique combination as well. But this isn’t all that’s been mixed together over the years. Although the city still gets the majority of its power from fossil fuels, Santa Fe solar panels are rapidly growing in popularity. In fact, the city of Santa Fe has committed to getting 100% of their energy from renewable sources by 2025.
This proposal may seem overly confidant, until you count all the amazing incentives available to Santa Fe residents. Not only is there the 30% federal tax credit, but there’s also state incentives to help people make the switch to solar energy. With $0 down financing options, long term savings, and Sunpro Solar’s 25 year warranties and guarantees, going green is an easy choice.
- Federal Solar Tax Credit
- Property Tax Exemption
- Sales Tax Exemption
- Renewable Energy Credits
- Net Metering
- Sustainable Building Tax Credit
30% Federal Tax Credit for Santa Fe Homeowners with Solar
Imagine you’ve just purchased a new solar panel array from your favorite Santa Fe solar company, Sunpro Solar. The bottom price for the array, includinginstallation, is $20,000. But then you discover the amazing federal solar tax credit, so you get 30% of the cost back in tax credits! That’s essentially $6,000 that you can knock off the price tag from the get-go.
But this incentive isn’t imaginary. The federal government is offering a 30% tax credit on solar panels because they know that renewable energy is better for people, and the environment. They’ve made it available to homeowners and business owners looking to go green. However, keep in mind that this tax credit will soon be slowing down. It is reduced in 2020 to 26%, and again in 2021 to 22%. Eventually it’ll fade out completely for residential solar panels in 2022, so you’ll need to act fast to get the full 30% tax credit.
Santa Fe Solar Panel Property Tax Exemption
Raising the value of your home is fantastic. The raised property taxes that come with it, however, are a bit less so. But there’s no need to worry about that because in New Mexico solar panels are exempt from property taxes. And that’s really great, because for every $1 in annual electricity savings you see, your property value increases by $20. So if you saved just $800 in electricity from your solar panels, you’d have $16,000 value in your home. The fact that you don’t have to pay additional property taxes on that is terrific, and is just one more reason to go solar in Santa Fe!Start Saving Today
Sales Tax Exemption in Santa Fe, NM
As if the property tax exemption wasn’t nice enough, there’s also this! In Santa Fe, solar panels are also tax exempt. Since the sales tax in New Mexico is between 5% to 9% depending on where you live, this can help a lot. If your solar panels were $15,000, for example, you’d avoid having to pay over $700 in sales tax just by living in New Mexico. It will help you save hundreds of dollars or more on your solar panels, which means you can keep more of your savings.
Generating Renewable Energy Credits
The city of Santa Fe is going completely green with renewable energy, and the state of New Mexico is doing its part as well. The state government has instituted a Renewable Portfolio Standard (RPS for short). Essentially the state has mandated that 20% of its energy has to be generated from renewable energy sources rather than fossil fuels by 2020.
To show that they are complying with the RPS, utility companies will buy Renewable Energy Certificates (RECs) from customers. Whenever your Santa Fe solar panel system generates 1 MW, you will receive one REC. You can then sell those RECs to your utility company to generate some extra cash.
Currently PNM provides electricity to the city of Santa Fe, and will also purchase your RECs.
Power New Mexico (PNM)
There are three tiers for solar panel systems, each of which have different application fees.
The customer must sign a REC purchase agreement which will have a term of 8 years.
Flat rate of $0.0025 per kWh produced.
Net Metering for Santa Fe Homeowners
Net metering is similar to RECs in the sense that it can really increase your savings. The way you use it, however, is a bit different.
With net metering, your solar panel system is hooked up to your electric grid. Then whenever your solar panels generate a surplus of energy, the extra electricity is sent to your utility grid. Your account is credited for the amount of energy your solar panels sends back to the grid, which means your monthly bill is even lower.
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With your solar panels producing your own electricity, net metering lowering the amount of electricity you need from your utilities, and what you get from RECs, you’re looking at big monthly savings. New Mexico currently offers state-wide net metering.
Santa Fe, New Mexico Solar Panel Company
When it comes to designing and installing solar panels, you want to make sure your solar installer has a track record of both excellent customer service, and a great reputation in the solar industry. Sunpro Solar meets both those requirements.
We pride ourselves on making sure our customers are happy with every aspect of our work, and on installing high-quality solar panel arrays. Sunpro Solar uses Enphase microinverters, solar panel brands such as LG and Silfab, and certified solar technicians. We also perform a free home energy audit for each house we install the solar panels on. Our solar panel installations also come with our 25-year Labor Warranty, as well as our 25-year Product Guarantee.
To learn more, or if you have any questions, reach out to our team of expert consultants today!